Accountants are important cogs in the world of business. And as operations, nature, and functions of finance and trade continue evolving, so do the responsibilities of every financial consultant. These days, accountants handle more than just balancing business records and making calculations.
Their job portfolios have expanded to include important consultation services that touch on vital matters, like technological recommendations, profit improvement strategies, and risk management.
This means hiring qualified accountants has become more imperative than it was many years ago. So if you’re looking to hire a qualified accounting Singapore firm, the following are key factors you might want to look at:
1. Certification and Chartering
In countries like Singapore, accounting firms are governed by professional organizations that try to maintain high standards and look after qualifications. CAs (chartered accountants) are very qualified experts who have finished degree-level studies along with professional competency programs and workplace experience.
The accounting solutions team shouldn’t just be qualified. They must also be experienced and add value when it comes to your business from the word go.
Responsibilities like financial management, tax preparation, and bookkeeping may not need a chartered or certified accountant. However, you will be more likely to hire one in case your business grows to a point where you require a loan.
2. Personal Connection
While it might seem unimportant, being in a position to establish a personal connection with the right accounting firm is vital, considering that its team will deal with sensitive and highly important materials.
It is imperative to look for an accounting Singapore firm that cares about all their clients more than just the bottom line. Basically, the contact person needs to be comfortable being honest about the finances of the company and the services they offer.
So any sign of miscommunication or intimidation, which might result in complications at the end of the day, can be an indication that another option will be a great idea.
3. Business Needs
You first have to know and understand the type of responsibilities or work you need the accountant to deal with on behalf of your business. If you require monthly bookkeeping tasks and financial statements, you may hire non-certified bookkeepers or accountants.
However, if you want audited financial statements, tax returns prepared, or tax planning advice, experts at BoardRoom, suggest that you consider working with a certified public account (CPA).
4. Risk Management
If you use the internet most of the time to look for accounting solutions, it means there will be a lot of imminent cybersecurity threats. When outsourcing accounting services, your preferred accountant will deal with the security risks on your behalf and, at the same, ascertain that the business data is protected from any form of threats.
The accounting firm you hire needs to be upfront when it comes to the way they respond to all the cybersecurity threats, as well as explain the strategies they will use to deal with them.
Accessibility depends on the growth of different accounting firms. Usually, big accounting firms tend to prioritize bigger companies since they spend a lot of money.
This basically means that the work of small businesses will be palmed off or outsourced to low-level accountants. The firm’s priority needs to focus on strengthening financial division with the objectives of your business.
In other words, you might want to make sure that the accounting firm you choose will only add value and bring meaning to your business by committing professionalism and time to your organization.
When hiring the right accounting firm for your organization, you might want to look at the services they provide or offer.
Some accounting firms specialize in or focus on financial areas, like payrolls, financial statements, tax filing, or bookkeeping. So make sure the firm you choose offers all the services that meet your needs.
At the same time, your prospective accounting firm must be in a position to identify the weaknesses and strengths in the financial industry and look for solutions that enable your business to avoid all the unnecessary mistakes related to tax.
7. Financial Advice
Every organization requires financial advice and support so as to streamline all its operational, economic, and financial activities. Some accountants, when providing bookkeeping and accounting services, advise their clients only at the initial stage, but afterward, let them handle everything on their own.
But other accounting and financial firms, which pay more attention to business, will guide you throughout. Hence, you must focus on working with accountants who provide full-fledged services to ensure your business grows without obstacles.
8. Budget and Financial Capacity
The financial capability of your business is one of the key factors to look at when choosing the right accounting firm for your organization. There are various levels of accountants. Most are chartered and certified, whereas others aren’t.
If you are dealing with a lot of money, it would be best if you go for accounting firms with chartered and certified experts. But a graduate will also do, especially when you don’t deal with a lot of cash.
The right accounting firm will be pleased to present their referrals from both former and existing clients. Ensure to inquire about their past experiences, and includes follow-up, overall satisfaction, and accessibility.
You can ask the accountant for the contact details or physical addresses of those clients. Plus, you may check online for reviews, as some firms may not provide referrals from clients who have had a bad experience.
10. Level of Experience
It is important to look at the number of years a potential accounting firm has rendered its services. Spend more time researching to determine whether or not the firm has an outstanding track record.
According to most businesses that have enlisted the services of an accountant, you should consider an accounting firm with a good track record and experience of five years or more.
Clearly, there are many things to think of when enlisting the help of an accounting firm. By paying more attention to these factors, you’re more likely to get an accounting firm worth your time and effort.